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Silver Pulls Back From Record High as Traders Lock In Profits
Silver pulled back from an all-time high, as traders took profits following an eight-day rally that’s seen as too fast, too far. Gold was little changed. The white metal fell as much as 3.4% after the latest US jobs data did little to sway bets of an interest-rate cut next week. Applications for unemployment benefits hit the lowest in more than three years, indicating employers are holding onto workers despite a wave of recent layoffs. A lower rate environment would in theory boost precious metals including silver and gold as they don’t pay any interest. But silver’s rapid advance to an all-time high of nearly ... (full story)
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